PART 9Enforcement
CHAPTER 2Civil penalties and notices
The Commissioners: disciplinary measures (procedure)83
1
When determining the type of sanction, and level of any penalty, to be imposed on a person (“P”) under regulation 76 or 78, the Commissioners must take into account all relevant circumstances, including where appropriate—
a
the gravity and the duration of the contravention or failure;
b
the degree of responsibility of P;
c
the financial strength of P;
d
the amount of profits gained or losses avoided by P;
e
the losses for third parties caused by the contravention or failure;
f
the level of co-operation of P with the Commissioners;
g
previous contraventions or failures by P; and
h
any potential systemic consequences of the contravention or failure.
2
3
A notice must be given of—
a
the Commissioners’ decision—
i
to impose a penalty, and the amount of the penalty;
ii
to publish a statement, and the terms of the statement;
iii
to impose a prohibition, and the terms of the prohibition;
b
the Commissioners’ reasons for imposing a penalty, publishing a statement or imposing a prohibition;
c
the right to a review under regulation 94; and
d
the right to appeal under regulation 99.
4
A notice about a penalty must—
a
state the manner in which and the period within which, the penalty is to be paid;
b
give details of the way in which the penalty may be recovered if it is not paid by the date stated in the notice.